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DRAFT REPORT (COM(2024)0461 – C100009/2024 – 2024/0071(COD))

On the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Arab Republic of Egypt

INTA-PR-765300

Committee on International Trade · Rapporteur: Céline Imart

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The draft report proposes Parliament's position on the Commission's decision to provide macro-financial assistance to Egypt, with amendments adding conditions on human rights, women's rights, and reporting to Parliament. It requires Egypt to continue reforms in democracy, rule of law, and human rights, and sets conditions for loan agreements, including anti-fraud measures and monitoring by the Commission and European External Action Service. The report also stresses the need for Parliament to be informed and involved, and highlights Egypt's strategic importance and the exceptional nature of bypassing Parliament in the short-term MFA.

Committee position. The rapporteur proposes that Parliament adopt amendments to the Commission's proposal, adding conditions on human rights, women's rights, and reporting to Parliament, and stresses the need for Parliament to be involved.

Key points

  1. Macro-financial assistance to Egypt is subject to a pre-condition that Egypt continues concrete steps towards democratic mechanisms, rule of law, and human rights, including women's rights.
  2. The Commission and European External Action Service must monitor the pre-condition and report regularly in writing to Parliament on fulfilment of conditions.
  3. Economic policy and financial conditions are to be agreed with Egypt, focusing on structural reforms such as the new Criminal Procedure reform, and sound public finances.
  4. Conditions aim to enhance public finance management transparency and accountability, and take into account progress in mutual market opening, including for SMEs.
  5. The Commission must verify conditions are met, coordinate with IMF and World Bank, and inform Parliament and Council of any suspension or cancellation without delay.
  6. Loan agreements must include provisions for OLAF investigations, audits by the Commission and Court of Auditors, and allow the European Public Prosecutor's Office to exercise its competences.
  7. The loan agreement must allow Egypt to reimburse over a long period, with a possible grace period after formal notification to Parliament and Council; maximum loan duration is 35 years.
  8. The Commission's report to Parliament must indicate the connection between Egypt's economic policy reforms, fiscal performance, and release of assistance, while outlining steps towards democracy, rule of law, and human rights.
  9. The short-term MFA was agreed without Parliament's involvement for urgency reasons, which the rapporteur says can only be an exception and should not be bypassed in the future.
  10. Egypt faces migratory, geopolitical, and economic shocks, and the MFA is an emergency instrument to support reforms and sustainable partnership.

Who is affected

  • Egypt: must meet pre-conditions on democracy, rule of law, and human rights, and implement structural reforms to receive macro-financial assistance.
  • European Commission: responsible for negotiating conditions, monitoring, and reporting to Parliament and Council.
  • European Parliament: to be informed regularly and without delay on the assistance's implementation.
  • European Anti-Fraud Office (OLAF), Court of Auditors, and European Public Prosecutor's Office: granted powers to investigate and audit the assistance.

Figures and deadlines

  • EUR 5 billion in loans, part of a EUR 7.4 billion package, with EUR 1 billion short-term and EUR 4 billion regular.
  • Maximum loan duration of 35 years.
  • 56.7% of estimated residual financing gap for FY24/25-FY26/27.
  • Almost 10 million migrants and 800,000 registered refugees in Egypt.
  • 27% of women elected to the House, 13% to the Senate.

Legal basis: Article 294(2) and Article 212 of the Treaty on the Functioning of the European Union